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Rich Asplund

Crude Oil Prices Fall on Diplomacy Hopes to End Iran War

Oil Iran Diplomacy Petrol United States International Energy Agency Strait of Hormuz Middle East Red Sea EIA

December WTI crude oil (CLZ26) closed down -0.72 (-0.73%) on Tuesday, and December RBOB gasoline (RBZ26) closed down -0.606 (-1.95%).

Crude oil and gasoline prices erased an early rally on Tuesday and settled sharply lower, with gasoline falling to a 7-week low. Long liquidation pressures emerged on Tuesday after an unconfirmed report said that Qatar and Pakistan issued a fresh proposal to revive negotiations to end the Iran war. Also, Tuesday’s plunge in the crude crack spread to a 3.75-month low weighed on crude prices.

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